SEC's 2026 regulatory agenda emerges, plans to revise rules for crypto trading platforms and brokers. Agenda highlights include adjustments to minimum liquid capital, customer asset protection, and record keeping, while studying "safe harbor" and regulatory exemptions. Different from the enforcement-focused approach of the Gensler era, Atkins' path places greater emphasis on market certainty and capital formation. Barriers for institutional funds are lowering, with signals such as EDX receiving SBI funding and Vanguard hiring crypto executives already appearing. But relaxation does not equal no risk — compliance cost shifts and the adaptation period for new rules may bring short-term pain. Rule details have not yet been finalized, market expectations may be ahead, and history shows that early stages of regulatory clarity are often accompanied by volatility.